Gruvaktiebolaget Viscaria (VISC) Q2 2025 earnings summary

Executive summary

• Environmental permit gained legal force in April 2025, enabling mine preparations and construction activities in Kiruna.

• Feasibility Study and resource update confirmed higher copper grades, increased tonnage, and strong project economics, supporting a 17-year mine life, NPV of SEK 4.4 billion, and IRR of 17.3%.

• Major shareholders provided SEK 400 million in loans in June, with intent to participate in an upcoming share issue.

• Board strengthened with new members from LKAB and Freeport-McMoRan Indonesia.

• Preparations for mine restart intensified, with key infrastructure and water treatment projects progressing on schedule.

Financial highlights

• Q2 2025 operating profit was -17 MSEK, compared to -11 MSEK in Q2 2024.

• Net profit for Q2 2025 was -22 MSEK, down from -12 MSEK in Q2 2024.

• Cash and cash equivalents at June 30, 2025, were SEK 340 million, up from SEK 232 million at year-end 2024.

• Capitalised expenses for exploration and evaluation assets reached SEK 149 million in H1 2025.

• Net sales were SEK 0.0 million for both Q2 and H1 2025.

Outlook and guidance

• Preparations for reopening are progressing as planned, with focus on permitting, resource updates, and feasibility study completion.

• Mine dewatering scheduled for 1 October 2025.

• Board expects to use up to 60% long-term interest-bearing debt for future mine and plant financing.

• Copper price volatility not expected to impact current preparation phase; long-term demand for responsibly produced copper in the EU remains strong.

• Continued exploration and resource growth expected, with ongoing drilling and near-mine campaigns.